Friday, July 6, 2012

JC, Downtown Weekly Stats, Ending July 4, 2012




















13 Properties came on the Market This Week vs 20 Last week
479 MONMOUTH ST, JERSEY CITY, NJ
237-243 5TH ST, JERSEY CITY, NJ
689 LUIS M MARIN BLVD, JERSEY CITY, NJ
202 7TH ST, JERSEY CITY, NJ
234 10TH ST, JERSEY CITY, NJ
357 VARICK ST, JERSEY CITY, NJ
700 GROVE ST, JERSEY CITY, NJ
88 MORGAN ST, JERSEY CITY, NJ
77 HUDSON ST, JERSEY CITY, NJ
2 2ND ST, JERSEY CITY, NJ
234 10TH ST, JERSEY CITY, NJ
20 NEWPORT PARKWAY, JERSEY CITY, NJ
88 MORGAN ST, JERSEY CITY, NJ

7 Properties Sold This Week  vs 9 Last week







The Absorption rate this week is 30.57 weeks. See the attached picture of the absorption rate over time.  The absorption rate is a number that describes how many weeks it will take to see off the current inventory at the current rate of sales.  We had 7 closings this week and we have 214 active listings.  So at the current rate of 7 closings per week, it would take 30.57 weeks (214/7) to sell off the current inventory.  See the chart attached as a photo to see how absorption rate has fluctuated over time.

The absorption rate is often thought of as the factor that indicates if we are in a sellers' or buyers' market.
Generally if there is more than 4 months of inventory it's a buyers' market.  Less than 4 months it's a sellers' market.  Prices are down but so is the inventory.  

Another key factor is listing date to contract.  See the quarterly review and consult an agent.  Outlyers can skew these numbers.

 See the embedded document below for Price Per Square Foot by bedroom and neighborhood so you can understand how location effects price.
JC Stats Public PDF

Information Provided by:

Donna Antonucci
Prudential Castle Point Realty
201-240-6832